The U.S.-Mexico-Canada trade agreement won't go into effect on June 1 as anticipated.

Officials from the three countries failed to exchange letters by Wednesday to certify they each met the necessary obligations outlined in the deal.

July 1 is now the earliest the deal could go into effect. Once the letters are exchanged, USMCA would go into effect "on the first day of the third month following the last notification," according to the agreement's rules.

USMCA is expected to be a large market driver for agricultural products in the United States' largest export markets, Canada and Mexico.